📅 Original date posted:2015-08-31
📝 Original message:On 2015-08-31 21:54, Justus Ranvier wrote:
>
> You keep using the word "decentralized" without explaining (and most
> likely, understanding) what it means.
>
Decentralization is a ubiquitous term within the Bitcoin, and the
definition is by no measure new or often confused. It is realizing
that systems involving trusted third parties have undesirable
properties, be it regarding privacy, fraud, censorship, and removing
the effect of them as much as is physically possible. WASTE and
RetroShare are examples of decentralized messaging and file
distribution systems, acknowledging the privacy problems involved with
centralized systems like AOL Instant Messenger or IRC.
> What does it mean to use a decentralized network instead of a trusted
> third party to process electronic payments? What undesirable actions
> can
> a trusted third party perform that a decentralized network can not
> perform?
>
Bitcoin is a decentralized currency which allows any person the
ability to transact in a way that does not require specific trust in
any particular party. Users can independently verify that
transactions they receive are valid and confirmed, with strong
confidence that they can not be reversed or modified. A third party
does not hold these same properties, there is no reason to believe the
information they present other than trust they will not lie, cheat, or
violate privacy at their own will. Given information by a trusted
third party (such as a balance or existance of transaction), a person
has no ability to independently validate their claims as you do in a
decentralized system.
Monarch [ARCHIVE] /
npub165…sale4
2023-06-07 17:38:40
in reply to nevent1q…7ch3
Author Public Key
npub165cz97uf69xr6av492gc8pq6t4cjnh4fxlzplv7g68cvx3jwqgrsasale4Seen on
wss://relay.noswhere.comPublished at
2023-06-07 17:38:40Event JSON
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"content": "📅 Original date posted:2015-08-31\n📝 Original message:On 2015-08-31 21:54, Justus Ranvier wrote:\n\u003e \n\u003e You keep using the word \"decentralized\" without explaining (and most\n\u003e likely, understanding) what it means.\n\u003e \n\nDecentralization is a ubiquitous term within the Bitcoin, and the\ndefinition is by no measure new or often confused. It is realizing\nthat systems involving trusted third parties have undesirable\nproperties, be it regarding privacy, fraud, censorship, and removing\nthe effect of them as much as is physically possible. WASTE and\nRetroShare are examples of decentralized messaging and file\ndistribution systems, acknowledging the privacy problems involved with\ncentralized systems like AOL Instant Messenger or IRC.\n\n\n\n\u003e What does it mean to use a decentralized network instead of a trusted\n\u003e third party to process electronic payments? What undesirable actions \n\u003e can\n\u003e a trusted third party perform that a decentralized network can not \n\u003e perform?\n\u003e \n\nBitcoin is a decentralized currency which allows any person the\nability to transact in a way that does not require specific trust in\nany particular party. Users can independently verify that\ntransactions they receive are valid and confirmed, with strong\nconfidence that they can not be reversed or modified. A third party\ndoes not hold these same properties, there is no reason to believe the\ninformation they present other than trust they will not lie, cheat, or\nviolate privacy at their own will. Given information by a trusted\nthird party (such as a balance or existance of transaction), a person\nhas no ability to independently validate their claims as you do in a\ndecentralized system.",
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